Normally there are three ways to own an immovable property: in name of a single person, jointly with other owners and thirdly through means of contract rights.
Joint Ownership
Joint ownership can be further categorized in three forms: Tenancy by entirety, Tenants with mutual interests, and Co-parcenary.
Tenancy by entirety
Tenancy by entirety is an exclusive type of joint ownership that exists between married couples only. In this type of joint ownership both husband and wife own one-half of the immovable property. Either of the spouses can sell off the property without taking permission from the other. Similar to the joint tenancy, on the demise of one of the joint owner, the stake of ownership consequentially passes on to the existing co-owner. One of the essential requisite of this type of ownership is that the joint owners should be married apart from this they must have purchased the property at the same time and through same sale deed. This joint ownership can be revoked by divorce, death or mutual agreement of both partners. On the other hand this kind of termination of joint ownership can eventually be changed to “tenancy-in-common”
Tenancy-In-Common
Tenant with mutual interest is technically better known as “tenancy-in-common.” When two or more individuals purchase a property without specifically declaring the share that each one has in the said property, they have a “tenancy-in-common.” All the owners who have the share in the property can use the complete property and it is assumed that each and every owner of the property has equal amount of share in it. In case if one of the tenants with mutual interest dies then his share is not passed onto the other co-owners but to the individual he has nominated in his will. The successor thus becomes a tenant-in-common along with the existing co-owners. This is usually when siblings pool money to buy property.
Co-parcenary
Co-parcenary to some extent is alike joint ownership tenancy however it is doable only in a Hindu Undivided Family (HUF) system. The co-parcenary ownership is regulated by the similar legislative system that is followed by HUFs. A coparcener is an individual who by birth in the family is entitled to the share in the joint family property. Even an incipient child has one and the same rights in the property managed by the HUF system. Unlike the tenancy-in-common, in case of co-parcenary, if a co-parcener dies then his stake in the property passes on to his legal heirs and not to the other co-parceners.
Join atOnePlace as a Agent. Be an associate and increase your business
Latest Residential Deals on Indian Property
Free Legal Advice for Indian Real Estate
Blog at One Place 